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Shell Summary for Aug. 26, 2019

2019-08-26 21:31 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 1.29 points to close at 583.24 Monday. Thomas Kovacs's first capital pool shell, Madeira Minerals Ltd. (MDE: halted), has received shareholder approval for its proposed qualifying transaction and associated name change. For the shell's QT, it is acquiring $9.5-million worth of bonds of two European commercial real estate investment firms. The deal requires shareholder approval, because it is a related-party transaction. Having received such shareholder approval, as well as the TSX-V's conditional approval, the shell expects to close the QT in late September. On closing, it will change its name to Sonmag Investment Group Inc. (SIGI).

Madeira is acquiring $9-million worth of bonds of Nordrock Securities BV and $500,000 worth of bonds of Reditum SA. Both companies are controlled by Lars-Erik Magnusson's Larmag Holding BV. Mr. Magnusson, 65, is a Swedish real estate investor who has done plenty of real estate investing in Europe and some in the United States. These days, most of his real estate investments are in Germany. His Larmag group owned 117 commercial properties in that country as of 2015. In the last few decades, Mr. Magnusson has also invested in other types of businesses, for instance: Danish salmon processing, Spanish solar energy and Turkmenian oil.

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